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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company is organized based on the types of services provided. Under this structure, the Company’s operating segments are: Marsh, Guy Carpenter, Mercer and Oliver Wyman Group. The four segments are aggregated into two operating and reporting segments as follows:
•Risk and Insurance Services, comprising Marsh (insurance services) and Guy Carpenter (reinsurance services); and
•Consulting, comprising Mercer and Oliver Wyman Group.
The accounting policies of the segments are the same as those used for the consolidated financial statements described in Note 1, Summary of Significant Accounting Policies, in the Company's 2024 Form 10-K. Revenues are attributed to geographic areas based on location out of which the services are performed.
The Chief Executive Officer, as the Company's Chief Operating Decision Maker ("CODM"), evaluates segment performance and allocates resources based on segment operating income, which includes directly related expenses, and charges or credits related to restructuring but not the Company's corporate level expenses. Segment operating income is also used to monitor budget versus actual results.
Selected information about the Company’s segments is as follows:
Three Months Ended March 31,

(In millions)
Revenue Compensation and benefits Depreciation
and
amortization expense		Identified intangible
amortization expense		Other operating expensesOperating
Income
(Loss)
2025 –
Risk and Insurance Services$4,762 (a)$2,451 $50 $120 $528 $1,613 
Consulting2,314 (b)1,363 24 19 452 456 
Total Segments7,076 3,814 74 139 980 2,069 
Corporate/Eliminations(15)36 14 — (1)(64)
Total Consolidated$7,061 $3,850 $88 $139 $979 $2,005 
2024 –
Risk and Insurance Services$4,273 (a)$2,118 $46 $79 $465 $1,565 
Consulting2,214 (b)1,314 37 11 420 432 
Total Segments6,487 3,432 83 90 885 1,997 
Corporate/Eliminations(14)38 16 — 4 (72)
Total Consolidated$6,473 $3,470 $99 $90 $889 $1,925 
(a)Includes interest income on fiduciary funds of $103 million and $122 million in 2025 and 2024, respectively. Revenue in 2025 also includes $28 million from a gain on the sale of the TCAS business and a gain on remeasurement of a previously held equity method investment to fair value upon consolidation.
(b)Includes inter-segment revenue of $15 million and $13 million in 2025 and 2024, respectively. Revenue in 2024 also includes a net gain of $21 million from the sale of Mercer's U.K. pension administration and U.S. health and benefits administration businesses.
Other Risk and Insurance Services and Consulting segment expenses consist primarily of costs such as travel and entertainment, outside services, information and technology, and facilities and equipment.
The Company does not report its assets by segment, including capital expenditures, as that information is not used by the CODM in assessing segment performance and allocating resources.
Details of operating segment revenue are as follows:
Three Months Ended
 March 31,
(In millions)20252024
Risk and Insurance Services
Marsh$3,520 $3,081 
Guy Carpenter1,242 1,192 
Total Risk and Insurance Services4,762 4,273 
Consulting  
Mercer1,496 1,425 
Oliver Wyman Group818 789 
Total Consulting2,314 2,214 
Total Segments7,076 6,487 
Corporate Eliminations(15)(14)
Total$7,061 $6,473